Keppel Ltd. Announces Chairman Transition: Danny Teoh to Retire, Piyush Gupta Appointed
The Board of Directors of Keppel Ltd., a leading global asset manager and operator, announced today that Mr. Danny Teoh will retire as Chairman of the Board immediately following the Company’s upcoming Annual General Meeting (AGM) on 17 April 2026. Mr. Piyush Gupta will assume the role of non-executive Chairman and Independent Director on the same day.
Danny Teoh’s Retirement
Mr. Teoh, aged 70, has been a pivotal figure in Keppel’s leadership, having served as a Director for more than 15 years and as Chairman since April 2021. His tenure coincided with one of the most transformative periods in Keppel’s history, guiding the company from a diversified industrial conglomerate to an asset-light global asset manager and operator with a focus on infrastructure, real estate, and connectivity.
During his five-year chairmanship, Keppel delivered Total Shareholder Returns (TSR) of 288.9% from January 2022 to the end of 2025, far surpassing the Straits Times Index (STI) at 80.5%. The company’s share price more than tripled under his leadership.
Mr. Teoh also played a significant role in strengthening Keppel’s focus on corporate governance and sustainability, establishing the Board Sustainability and Safety Committee in 2022. Under his guidance, Keppel achieved the highest AAA rating in MSCI ESG ratings, was included in the Dow Jones Best-In-Class World and Asia-Pacific Indices, and was recognised by TIME Magazine and Statista as one of the World’s Most Sustainable Companies in 2024 and 2025.
Reflecting on his journey, Mr. Teoh said,
“It has been an honour to serve on the Board of Keppel, one of Singapore’s flagship companies. Over the past 15 years, we navigated challenges including the downturn in the offshore and marine sector and the COVID-19 pandemic, while transforming Keppel into a focused global asset manager and operator. I am confident that under Piyush’s leadership, Keppel will continue to grow and scale new heights.”
Appointment of Piyush Gupta
Mr. Piyush Gupta, aged 66, will take over as non-executive Chairman and Independent Director on 17 April 2026. He was previously appointed Deputy Chairman and non-executive Independent Director on 1 July 2025 as part of Keppel’s Board renewal and succession planning.
Mr. Gupta currently serves on Keppel’s Nominating, Remuneration, and Board Sustainability and Safety Committees, roles he will continue after becoming Chairman.
Career Highlights
Mr. Gupta is renowned for his leadership in the banking sector. He served as CEO of DBS Group Holdings from November 2009 to March 2025, during which he transformed DBS into a global financial powerhouse. Prior to DBS, he spent 27 years in international banking and was CEO of Citibank for South East Asia-Pacific.
He holds a Bachelor of Arts (Honours) Degree in Economics from St. Stephen’s College, Delhi University, India, and a Post Graduate Diploma in Management from Indian Institute of Management, Ahmedabad, India.
Current Appointments
In addition to his role at Keppel, Mr. Gupta holds multiple prominent positions, including:
- Chairman of the Board of Trustees, Singapore Management University
- Chairman, Mandai Park Holdings
- Advisor and non-executive Chairman (India), Temasek International Advisors
- Alternate member on the Council of Presidential Advisers, Singapore
Mr. Gupta commented on his appointment, stating,
“On behalf of the Board and management, I would like to thank Danny for his leadership and invaluable contributions to Keppel. Danny chaired the board during a significant transformation phase when the Company performed exceptionally well despite a challenging external environment. Keppel is an iconic Singapore institution, and I am honoured to be appointed Chairman. I look forward to working closely with the Board and management to continue driving Keppel’s growth story as it reinvents itself as a global asset manager with strong operating capabilities.”
Reflections on Keppel’s Transformation
Under Mr. Teoh’s leadership, Keppel underwent one of the most significant transformations in its history. The company divested its offshore and marine business, transitioning from a traditional industrial conglomerate into a global asset management and operating platform.
This transformation was accompanied by a sharp focus on shareholder value, governance, and sustainability. Keppel’s success under Mr Teoh was reflected not only in its financial performance but also in global ESG recognition. The AAA MSCI ESG rating and inclusion in the Dow Jones Best-In-Class indices highlight the company’s commitment to sustainable business practices.
CEO Mr. Loh Chin Hua praised Mr. Teoh’s contribution, saying,
“Danny’s leadership and support were pivotal as Keppel undertook a significant transformation. Since joining the Board in 2010, and later serving as Chairman of the Audit Committee and the Board, Danny has provided counsel that helped pave the way for Keppel’s future growth.”
Mr Loh also expressed confidence in Mr Gupta’s leadership, adding,
“Since joining the Board last July, Piyush has provided valuable advice in sharpening and executing Keppel’s strategy. We look forward to his guidance as we accelerate Keppel’s transformation to create value for our Limited Partners, shareholders, and other stakeholders.”
Board Composition Post-Retirement
Following Mr. Teoh’s retirement, Keppel’s Board will comprise eight directors, including seven independent directors, continuing the Company’s focus on strong corporate governance and independent oversight.
Conclusion
The transition of leadership from Danny Teoh to Piyush Gupta marks a new chapter in Keppel’s journey. With a history of strong performance, transformational leadership, and a commitment to sustainability, Keppel is well-positioned to continue its evolution as a global asset manager and operator.
Mr Teoh leaves behind a legacy of strategic foresight, governance excellence, and shareholder value creation, while Mr Gupta brings extensive global financial expertise and operational insight to steer Keppel toward its next phase of growth.
This seamless leadership transition reflects Keppel’s dedication to Board renewal, succession planning, and long-term corporate success.
About Keppel Ltd.
Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.
SOURCE LINK :https://www.keppel.com/
